October brought some cooling to real estate activity in the Portland metro area, but pending sales were still on the rise. At 2,996, pending sales edged over September’s 2,971 accepted offers by 0.8%, and fared 20.8% better than the 2,480 offers accepted in October 2014. This was the strongest October for pending sales in the area since October 2005, when 3,076 offers were accepted for the month.
Closed sales (2,717) were 9.2% ahead of October 2014 (2,487) but fell 9.7% short of the 3,010 closings posted last month in September 2015. New listings (3,063) fared similarly, ending 6.3% ahead of October 2014 (2,881) but 10.5% below September 2015 (3,424). Inventory in the Portland metro area decreased slightly in October to 1.8 months. During the same period, total market time remained stable at 46 days. There are currently a total of 5,021 active residential listings in the Portland metro area.
Activity has been higher in 2015 than in 2014 across the board. Pending sales (30,453) are up 23.4%, closed sales (28,096) are up 20.6%, and new listings (36,966) are up 8.5% for the year thus far. Prices continue to rise in 2015 compared to 2014. Comparing each year through October, the average sale price rose 6.1% from $333,200 to $353,400. In the same comparison, the median sale price rose 7.0% from $285,000 to $305,000.
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